It's also a frictionless cow. Any movement in the direction away from the pants and they'll slide right off. Needs suspenders.

The first one because that's where the legs are. Unless it's anthropomorphic enough to use the front legs like hands then it's the second.

The P in CPT symmetry stands for pants

Your image assumes an equal ratio of covered-with-pants vs. not-covered-with-pants. But you don't include any evidence to back up your assumption.

First, we would need to determine the surface area of pants (Sp) and compare it to the surface area of cow (Sc); i.e., does Sp = Sc

Pants are, of course, hollow. And that's why we use Sp, and not Sp/2.

If Sp >= Sc, then your question is valid and therefore is open to debate.

If Sp < Sc, then the only viable option is for the pants to be on top. Otherwise, they would slide off.

It would have to be the one on the right since we are ignoring friction and air resistance the ones on the left would just fall off.

*Also assuming the pants are blue

Definitely like this. Like this would be silly.

This is not a dumb proposition due to spherical cow assumption, which in real world is highly rare, and worth little attention. It is dumb because obviously pants go on bottom, or spherical cows wouldn't wear pants either.

Perhaps a bull would be more helpful regarding pants-wearing bovines, rather than a cow. Of course, the bull may have undergone penis relocation surgery, to put its dick behind its balls so it can equate erections with agony, and this would affect pants logistics. It's a complicated issue, this pants thing.

That's either an Arab cow or a blue cow viewed from my western biased mind.

Ummm.. if we're assuming a Spherical cow, then why is the picture showing a Circular cow?